In a promising economic development, Statistics Canada reports a 2.3% surge in the total value of building permits in Canada for the month of October, reaching $11.2 billion. This growth was predominantly propelled by robust gains in the non-residential sector.
The non-residential sector experienced a noteworthy 5.3% increase, amounting to $4.1 billion in October. The surge was particularly concentrated in Ontario, where permit values spiked by 16.0% to $2.0 billion. A significant contributor to this rise was the institutional component, which saw an impressive 29.2% increase to $1.4 billion. Notably, the issuance of a permit for the construction of a new hospital wing in Toronto was the largest in this category for the month.
The industrial component also contributed to the positive momentum, marking an 11.9% increase to $973.8 million. However, the commercial component faced its second consecutive monthly decline, decreasing by 10.5% to $1.8 billion in October. This decline is part of a trend since the record high of $2.9 billion in March. Year over year, the value of commercial permits issued in October ($1.8 billion) was 11.9% lower than those issued in October 2022 ($2.0 billion).
Residential building permits exhibited a more modest increase, edging up 0.6% to $7.1 billion in October, following a 2.8% gain in September. Notable gains in residential permit values were observed in Ontario (+7.4% or +$199.9 million), Alberta (+14.8% or +$125.5 million), and Quebec (+7.0% or +$89.0 million). These increases offset declines in the remaining seven provinces. Year-over-year residential construction intentions showed a robust 16.1% growth in October compared to the same period in 2022.
Across Canada, a total of 18,100 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized during the month, further underlining the resilience and expansion of the construction sector.
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